3.
| (1) The administration, management and control of the Fund shall be vested in a Board of Trustees as hereinafter provided. |
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| (2)The Board of Trustees of the Fund(hereinafter referred to as "the Board") shall consist of the following members appointed for life:
| | 1. Dr. Ahangamage Tudor Ariyaratne. | | |
| | 2. Mr. Malliya Wadu Karunananda. | | |
| | 3. Mr. Beragama Arachchige Dharma Gunasinghe. | | |
| | 4. Mrs. Sita Virginia Rajasuriya. | | |
| | | 6. Prof. Nandasena Ratnapala. | | |
| | 7. Dr. Pelenege Amarasinghe. | | |
| | | 9. Mr. Malwattage Edmund Walter Peeris. | | |
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| (3) The Founder shall be the Chairman of the Board and shall preside at all meetings of the Board. In the absence of the Chairman from any meeting, the members present at such meeting shall elect from among themselves a Chair man for that meeting. |
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| (4) The Board shall elect from among themselves a Secretary to the Board. It shall be the duty of the Secretary to send out notices of meetings, maintain a minute book in which he shall record all proceedings of meetings of the Board and discharge the functions and perform the duties as are delegated to him by the Board from time to time. |
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| (5) A person shall be disqualified from being appointed or continuing in office as a member of the Board if he -
| | (a) is a person who, having being declared an insolvent or bankrupt under any law in force in Sri Lanka or in any other country, is an undischarged insolvent or bankrupt; | | |
| | (b) is convicted of an offence involving moral turpitude ; | | |
| | (c) is under any law in force in Sri Lanka found or declared to be of unsound mind or mentally deficient ; or | | |
| | (d) neglects to act as a Trustee. | | |
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| (6) Where the Founder dies he shall be succeeded by his next or nearest of kin of the family. |
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| (7) Where any member of the Board, other than the Founder, is absent from Sri Lanka for a continuous period exceeding six months, the Founder may in writing appoint another person in place of such member, until such member returns to Sri Lanka. |
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| (8) Where a member of the Board, other than the Founder, dies or resigns or ceases to be a member of the Board in terms of subsection (5), the Founder shall in writing appoint another person in place of the member who dies or resigns or ceases to be a, member. |
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| (9) The members of the Board shall endeavour to arrive at unanimous decisions on all matters connected with the activities of the Board. But in the event of any difference of opinion among the members of the Board, the decision of the majority shall be binding and effectual. |
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| (10) The Board shall meet at least once in every three months and the quorum of any such meeting shall be five members. |
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| (11) No act or proceeding of the Board shall be deemed to be invalid by reason only of the existence of any vacancy amongst its members. |
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| (12) The members of the Board shall not be entitled to receive any remuneration by way of salary, allowance or honorarium, but may be reimbursed for actual out of pocket expenses incurred by them in the performance of their duties. |
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Sri Lanka Consolidated Acts